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Category Archives: Business

Must know about Business Planning

Business ranges from large to small levels. Now- a- days promoting a business via digital marketing is very simple and its very effective for the purpose of leads generations. As said, business structure (plans, designs) completely varies to each and every business.

The one who has a plan to start a business has to travel a lot of procedural steps. Implementing the business ideas is tougher than generating the ideas. The one who is ready to start his own business must be ready to face all the pros and cons of it. The market standard get varies with each and every business, so all the investors cannot not except the same profit as like all months.

Apart from making money, carrying a business has social responsibilities too. For example, running a company includes proper employees work management, proper revenue generation, proper infrastructure and so on. Here the owner of the company should not focus only on the profits, so apart from this he has to think the about the welfare of his employees and their families. Thinking about the environmental issues is an important step in carrying a business. For example, a person owning the industry has to think of the environmental issues and recommended to use the proper safety measures which does not affect the environment.

If you have a plan to start your own business then consulting a business consultant for financial services are highly recommended. The key aspects of the best business consultancy are:

1. Marketing services

2. Financial services

3. Joint venture services

4. Infrastructure services

5. Set up analysis services

Learning Economics Is Essential

Economics affects our life in many aspect. From the moment we wake up to the moment we go to sleep. Most people are interested in their own situation, which makes microeconomics more influential and important, but what they hear about in the media is macroeconomics such as the consumer price index, inflation, recession. It’s often hard for the individual to see how it all touches him or her. It’s relatively easy to see an economy in the goods and services that we depend on every day, but far harder to see how they tie together at all levels.

Economics helps individuals and businesses to make informed decisions in different fields. Typically, all people are affected by economics in one way or another. It is not only important in education but also in making critical analysis in different situations.

When making decisions we don’t look at leading economic indicators. But, perceptions about the economic outlook can influence certain decisions. Considering opportunity cost can help us make better decisions. If we act on instinct, we may choose the easiest course of action, but the best decision in the short-term may not be best in long-term

In essence, economics is how people allocate limited resources to satisfy unlimited wants. Economics affects everything. Economics is not just useful as a way of thinking but also a discipline that changes real, tangible things in the world.

Familiarity with the breadth of economics alone is not only necessary but also understanding its impressive scope is the best start. We are always making decisions about our time or our money and economics make sense of those decisions. Ultimately, the goal is to use that information to figure out how we can make better ones for both ourselves and for others.

Make Small Business Grow

You can build you reputation in a number of ways. Branding, celebrity endorsement and marketing are just some simple strategies. First though, you need to build a loyal following. Once your customers like you, they are much more likely to continue to use you. If they trust you and know you offer a good service, they are likely to keep using you, despite small price increases. Their future customers will accept their pricing immediately anyway, as they build their business.

If you look at the top brands of mobile phones, for example, you’ll see them rolling out price changes on a near constant basis. that’s because they know you’ll probably stick with them anyway, and for the few people they lose, they’ll make a huge profit for the ones who stay.

So, if you test your prices, offer add-on products for existing customers and offer a referral scheme to reward customers for referrals, you can make a substantial shit in your business right away. That’s before spending any money!

Then you can also use Google Places for business. This is a free service which you should be using if you’re a small business. It allows you to list your local business on Google’s directory and it will usually show in the results of the search results for your major keywords.

Bing and Yahoo also offer a similar service. It’s well worth the few minutes it takes to set up your listing. You then just need to verify your listing after you get a code in the post. Once you’ve done this, you’re all up and running. You’ll potentially have a free business listing which brings you consistent new customers for years to come. Worth its weight in gold.

Facebook also offer the option of building a free business listing too. This is well worth doing. Your business listing on Facebook can easily rank on Google’s first page too, depending on your relative competition. Again, this doesn’t take long to set up and you can build a stream of new customers through it.

Blogging is another free strategy for lead generation in your business. Of course you need a website, but you should have one of these already if you’re serious about your business. Once you set up a website, you’ll also want to start building a list of subscribers from it. Email marketing is an absolute necessity if you want to grow your business. By offering a free giveaway product on your website, you can get your visitors to opt in to your email list. The giveaway can be anything which your customers are likely to benefit from and which are relevant to your business. You can offer discount codes if you don’t have anything else.

Then there’s paid marketing. Direct response marketing is the fastest way to grow your business. Each of the methods listed above, will work, depending on your competition. However, pay per click advertising is faster and can be scaled up very quickly.

If you don’t know about pay per click marketing, and you want to grow your business, you should definitely take the time to learn. It can dramatically grow your business in a very short amount of time.

AdWords and Bing are good platforms to start with. Then there’s Facebook and even YouTube which offer a very targeted platform for businesses.

Once you’ve mastered all of those strategies, you’ll have a business which is booming! Start with one strategy though and learn how it works. AdWords does take time to learn and you need to be careful. You can burn through a budget very quickly and get nothing if you don’t know what you’re doing. Many business owners try this strategy and quit. That’s because they haven’t stuck at it for long enough.

Initially your adverts might not work, but that’s not the fault of the platform. It’s down to your understanding of how to test and measure adverts, and to either cut back an advert or scale it up according to its performance.

Start with a small daily budget and target keywords which are relevant for your business. Your advert will show only for those keywords, if you do an exact match search. You can also broaden your search if your advert isn’t showing up enough in the searches. Just be careful not to do a broad match at first because you don’t want your advert showing for any keyword. This is how to burn through you budget very quickly and get the wrong kind of traffic.

Entrepreneurial Leadership

I always laugh to myself. But, it also reminds me what Will Rogers said, “It’s not enough to be on the right track. You’ll get run over if you just sit there.” Many entrepreneurs feel this reality when they are beginning their businesses. The question is often asked, “How do I get my business off the ground?” The truth is, after finally quitting your job, and launching out after your dream, it is not enough to just get started. If you can’t get that business humming and get the cash flowing, then you are just sitting there; and failure is your destiny.

How do you get it going? I have discovered that succeeding in business is like getting a plane in the air. The secret to getting a plane off the ground is overcoming the law of gravity by replacing it with the law of aerodynamics and lift. Therefore, if you want to improve cash flow in your business, then you have to improve productivity by getting the results that produce lift. Lift is that force that moves your idea from a hobby to a hustle.

There are four things that you must do to break the gravity that is holding your idea to the ground:

1. Lean on the gas.
2. Inspect the gauges.
3. Focus on tracking straight.
4. Transition by changing the trajectory.

Simply put, there must be massive action employed in the business that is immediately evaluated with corrective actions taken according to the critical feedback. You must also focus your attention and not veer to the left or right by the distractions of life. And finally, you must change your trajectory by aiming all this energy towards a goal that is massive enough to stretch you into a new dimension. Those are the key fundamentals to getting your business flying!

Pillars To A Wildly Successful Business

1. Starting – This may sound simple, but I’ve met many in my workshops and seminars who have had amazing ideas for a product or service or an improvement for a product. Later, I asked them how their idea was progressing only to discover they hadn’t applied the skills I taught them.

Passion without purpose is like trying to start a fire without wood or kindling. It’s good to be passionate about an idea, but gathering wood (searching for the right information) is necessary to start the flame.

2. Understanding – The need for information for an idea and that research necessary is the second pillar in achieving a wildly successful business. Things will go wrong. Thomas Edison discovered the secret to the electric light because he consistently pursued his dream with nearly 10,000 failed attempts. How did he manage to overcome all those bumps on his road to success? By surrounding himself with a winning team who were open to his call.

3. Communication – Speak up I can’t hear you! Shouted Graham Bell, inventor of the telephone, when he made the first call on March 10, 1876, to his assistant, Thomas Watson: “Mr. Watson–come here–I want to see you.”

Communicating your ideas and research to the people you know will support your idea is the third step toward your wildly successful business.

You’re going to say only so many words in this life-time of yours, why not share them with the right people? The worst thing that you can do is to share your dreams with people who wouldn’t loan you a nickel let alone their attention. Understand that your idea is valuable and so are is your time.

4. Consistency – Keep the faith in your idea and be consistent. The best way to achieve in business is by consistently going after what they believe in.

An idea is like a seed. It has the potential to grow but only if you nurture it daily. Constant research and development is how you’re wildly successful business will grow.

Info of Entrepreneurial Mind Frame

Entrepreneurs are risk takers and dreamers. The difference between the dreamer and the entrepreneur though, is that the entrepreneur takes actions based on their dreams. They persist through the hardships and never give up! Many entrepreneurs start with an idea. Their success is determined by their belief that they can create something greater than simple monetary success. Often, it is about creating something which will benefit the world.

James Dyson, for example, came up with the idea of the bagless vacuum cleaner. Despite multiple set backs, over 5000 prototypes and not being able to get any manufacturers or distributors to accept his idea, he persevered. It was over a decade after his initial idea when his concept came to fruition. Even then, it was after a lot of difficulties and hardship due to the vacuum replacement bag industry, which was worth £100 million in the UK.

In Simon Sinek’s book ‘Start With Why’, he suggests that the biggest companies in the world are so because of their “why?” – their reasons for building a business in the first place. In all cases, it wasn’t just to make money, or make technology better, or some whimsical ideology.

The Wright Brothers, for example, became known as the pioneers of the first manned flight. But their competition was much better funded and well connected – Samuel Pierpont Langley had worked at Harvard, had a number of powerful connections, including Andrew Carnegie and Alexander Graham Bell. The War Department funded his project with a $50k grant, a seemingly massive advantage to the unconnected Wright Brothers who had no money or influence. However, their passion and devotion to change the world with this new technology drove them to attain the first flight in history in 1903.

Desire for material things and monetary wealth can only carry someone so far. Unless you have a goal or passion which is bigger than that, you may lose the momentum and fail to maintain your enthusiasm for any length of time.

The entrepreneurial mindset is one which taps into your purpose. Without a purpose driven goal or aim, it can’t take long before disillusionment kicks in. With a mindset which takes into account a larger purpose, entrepreneurs can build huge businesses because they ‘saw’ a vision of what they wanted to create. If the purpose is greater than the obstacles which lie in the path of attaining it, no amount of setbacks will stop you from achieving your goal.

Securing Market Intelligence

Another useful and beneficial tactic used by many investment firms is to maintain a list of qualified industry experts that can be called upon when needed. Many competent firms specialize in particular industries and even geographies to provide expedited and very relevant information for a simple phone consultation or can be retained for specific periods of time. The firm’s information is typically retained in-house for the primary markets and industries that pertain to the investment profile of their firm and clientele.

While there are reams of information available online, much of it will require extensive investigation and vetting in order to be considered valuable. The sourcing of much of this information is provided from companies that have not actively participated in these markets and is oftentimes derived from the review of financial statements and resources available in the public domain. Some also conduct industry surveys and generate reports that are available for purchase.

The other factor in online research is time. As we all know, timing is critical and the sooner you can have confidence in the information you possess, the greater the opportunity for success and more responsive your investment decisions can be.

When it comes to investment decisions it is often wiser to seek council from those with a first-hand exposure to the specific industry in question. The information can typically include insights on competitive pressure, company leadership, pricing, market share, strategic advantages, new products in development, expansion estimates, industry and company exposures, and of course provide confidence and verification of going forward estimates and projections made by the company.

In today’s economy knowledge is king, and the information you need to make the best decisions possible is readily available to support your company and your customers.

Grocery Store Consulting

The other day, I purchased 8 two-liter bottles, and I noted the cashier line I got into was one with an older lady who normally wears a Carpal Tunnel wrist support brace. I put one bottle up and said; “8 of those” and told her I was saving her from Carpal Tunnel, and she thanked me and said she had forgotten her wrist brace today and was happy not to have to do any heavy lifting. I was then pleased with myself for thinking ahead and on-the-fly and bypassing the heavy bottles to the young bagging gal who asked the same-old same-old; “Paper or Plastic?”

If this older checker is not careful, she’ll be on disability before she knows it, and I bet the risk management department knows that too, even if their in-house specialists and in-house contracted chiropractors are trying to keep her on as long as possible to avoid another Carpal Tunnel union case and addition to their already challenging disability numbers.

In considering all this, it occurred to me that the grocery store risk management department should consider a couple of new strategies:

1.) Have Carpal Tunnel Syndrome suffering employees work one-day on the check stand and then the next day monitoring the self-check aisles.
2.) Divide half the checkout stands in the store facing the other way, thus forcing the employees to use their other hand, and rotate the employees every other day to a different facing checkout stand.
3.) Increase the number of self-checkout stands.
4.) Rotate checkers with Carpal Tunnel Syndrome to other parts of the store, deli section, produce section, etc.
5.) Invest in R&D to come up with a viable exo-skeleton wearable solution through the grocery store industry association.
6.) Put out a research grant to university bio-mimicry engineering students to solve the problem.

All about Sustainable Development Strategy

In the preliminary meeting, the South stipulated new and additional resources for their economic development. The North was very much interested to know about Southern commitments before dealing with the financial issue. No substantive result was therefore achieved. According to Geneva convention, the North and South are in a situation of confrontation on the question of creating a climate fund. The North expressed their willingness in favour of using the World Bank in this regard, but the South was against the idea. The idea of ‘pledge and review’ was rejected by the South that they should commit themselves to a process and no external could judge their domestic policies. The difference of opinion was evident in the third session of the INC in Nairobi. The pattern was continued when the INC met for its fourth session in Geneva in December 1991. In New York the fifth session of the INC showed the same situation between the North and South. The North was pressurizing the South for accepting the Global Environmental Facility as the funding channel. The North and South were therefore in a position of conflict in the meeting. The mood of the meeting was not improved by suggesting that if no climate change convention was negotiated President Bush would not go to Rio. At the same time to sweeten the threat, the US announced a $75 million aid plan to help curb developing countries green house emission.

Finally, the developing countries thought that the failure to finalize the convention would postpone the prospect of Western aid and technology to help tackle the effect of climate change they therefore accepted the GEF as an ‘interim’ financial mechanism of the convention. Regarding the issue of ‘pledge and review’, countries were required to supply information on their implementation of the convention, and a body was established to look at this information. At last, agreement on the convention was achieved and it was open for signature in Rio. The long discussion about the environmental conferences reveals that both parties have different types of interests and problems. The agreement in Rio was without sufficient commitments from both side. The concept of sustainable development has not been followed by both the parties. The right to achieve economic growth by the South was repeatedly voiced in those conferences and the needs for additional fund were also repeatedly raised. These demands were not sufficiently met by the North. These issues shows that the future relations of the North and the South on sustainable development depends highly on the attitude of the both the parties, though mostly on the attitudes of the North. Although the North has given commitments of financial support, these have not been sufficient for achieving sustainable development. If the North provides adequate financial resources and environment friendly technology at a good price to the South, then the sustainable development will bring co-operation between them, otherwise conflicts will not only remain, but will also be resolved virtually.

Create a Business Blueprint

1. Your Vision – There is something you envision when you go into business. Capture that vision on paper. Why are you driven to be in business at all? Who do you serve and how? At its future best, what does it all look like as it plays out?

Specificity in your vision is key. This is the “down the road” snapshot that you hold in your mind as the prize. The plan is designed to help you reach this vision, so the clearer the vision, the more helpful the plan.

2. The Why – Document and regularly remind yourself of why this vision matters to you. Your “big why” is any reason you have that is meaningful enough to drive you through challenges and difficult times. Identify your most significant reasons for being in business and remind yourself of why you are willing to do what it takes to recommit each day.

3. Unique Brilliance – Your unique brilliance is that special life force that you bring to your business that makes it authentically you and gives it power. If you examine what you have always loved (from childhood), attach words or qualities to it, you have something truly special that brands and differentiates your business because of the qualities you bring.

Your brilliance isn’t a technique or skill, it’s a talent that emanates from you and permeates your work. For example, a unique brilliance statement might be: “I spark innovation.” Keep it simple yet powerful. Think of Walt Disney. I believe his childlike imagination was his unique brilliance, and look how that played out.

4. A Stand – What is an overarching principle of your business? Are you taking a stand for something in your business that transcends the products and services? State what you stand for that is expressed through your business. For example, “I am a stand for people communicating effectively to make the world a more harmonious place.”

5. Expertise – What are you an expert at? This is still aimed at the business owner, but is more related to the work he/she is doing. What expertise do you have (and should your team have) that will drive the business forward. An example might be, “I am an expert at making people beautiful.” This expertise will be used in the business and in the branding.

6. Brand Values – Identify the brand promise you are making to the market you serve. This is the promise of an experience they can expect to have when working with you regardless of the product or service. What values are necessary to provide that consistent experience? As an example, consider Four Seasons Hotels and the experience you have there whether you stay in a suite or just have dinner in the bar.

7. Target Niche – Who specifically is your ideal customer? Choose as narrow a niche as you can so your marketing can be very targeted and specific. This is not intended to turn people away, but to give you as clear a picture as you can get of the client or customer who is best served by what you have to offer and your expertise. These are the people you need to speak to in your messaging as they will be most willing to engage.

8. Products/Services – Define and describe exactly what you are offering to your niche audience. What products or service does your business provide and why? What is the intention for each one? What results should customers expect from what you offer? What differentiates your products and services from similar ones on the market?

9. Marketing and Sales – Provide details of how you will market your products and services and what your sales process will look like. Regular attention should be paid to the optimal ways of reaching your audience and turning them into paying customers. Identify mechanisms for tracking what works and what doesn’t. Great communication and consistent branding is key here.

10. Delivery System – How will customers receive the products or services being offered? From beginning to end, there is benefit to designing and implementing good systems for efficient and high quality product/service delivery. Consider detailing this out for every category of service or product.